NEW YORK (CBS.MW) -- Treasurys traded higher as monies flowed away from spread products amid the unwinding of so-called flattening trades. "The front end of the market is firmer due to unwinding of yield curve trades," said William Gamba, head of private client taxable fixed income trading at SG Cowen Securities. Concerns over Argentina spurred some players to rotate out of emerging markets debt and into Treasurys.

SAN FRANCISCO (CBSMW) ? Internet maverick Amar Goel sees online sales as a "gimme" putt for Chipshot.com, the company he founded four years ago while a member of the Harvard golf team. Titleist and other big equipment makers stop short of actually conducting E-commerce on their websites, preferring to use the Internet to drive their brands and educate customers about new technology and equipment. Direct sales would offend the pro shops, specialty golf stores and sporting goods outlets that traditionaly sell their wares. Poaching customers from retail outlets is Goel?s goal.

SAN FRANCISCO (CBS.MW) -- A federal jury will start deliberating Monday on whether Genentech Corp. based its lucrative growth-hormone products on patent-protected materials surreptitiously taken from a University of California genetics lab in 1978.The six-week patent-infringement trial sent shocks through the financial community because Genentech's financial exposure could run as high as $1.2 billion in the case -- nearly seven times its 1998 profit. The case also stunned the scientific community, where the allegation challenges the integrity of a groundbreaking research paper published two decades ago.

NEW YORK (CBS.MW) -- Donaldson, Lufkin & Jenrette said it's increasing the number of shares in its upcoming DLJdirect offering to 16 million shares and pricing it from $18 to $20 per share. DLJ
dlj
filed an amendment to its SEC registration for a new class of common stock to track the performance of its online broker business, DLJdirect. On May 6, DLJ said it would offer 15 million shares and price them at $13 to $15 per share. The amendment will boost the number of shares to be offered to 16 million shares and will increase the proposed price range to $18 to $20 per share.

NEW YORK (CBS.MW) -- Shares of Revlon jumped more than 4 percent on reports that it's in talks to be sold to fragrance and cosmetics maker Coty. Debt-ridden Revlon
"
the cosmetics company controlled by billionaire Ronald Perelman, is in preliminary talks with Coty, The New York Times reported. Shares of Revlon gained 1 1/4 to 30 1/2. Another suitor might also step forward with an offer. Marrying Revlon off to Coty would enable Perelman to rid himself of a disappointing investment. It would give Coty a dominant position in the United States.

WASHINGTON (AP) -- Steve Case, America Online's billionaire chairman, called "ridiculous" suggestions that AOL plotted with the government to say when the Justice Department first learned of his $10 billion purchase of Netscape. Case was interviewed in preparation for the next phase of the trial of the government's antitrust suit against Microsoft
MSFT, +1.25%
Microsoft lawyers focused on AOL's purchase of Internet pioneer Netscape, which was publicly announced last November, after executives from both AOL
aol
and Netscape testified against Microsoft. Case acknowledged that a senior AOL executive privately warned a top government lawyer in October that AOL was involved in "sensitive negotiations" with Netscape. Case said the notice given to the government "struck me as a reasonable thing to do."

SANTA MONICA, Calif. (CBS.MW) --Fresh from leading the successful EToys IPO, Goldman Sachs' latest deal, TenFold, was received warmly by Wall Street, albeit with a touch less zeal. Software applications developer TenFold
tenf
opened at 25 and ran up to 26 before losing steam. The stock closed at 22 7/8, up 34 percent from an upwardly revised $17 initial offering. While not as stellar a debut as EToy's
etys
290 percent opening premium Thursday, it is a warm reception.Goldman bumped up the price from an initial mid-point price of $14 but kept the float unchanged at 4.7 million.

MIDDLETOWN, Ohio (CBS.MW) -- AK Steel Holding said Friday it will acquire Armco, another manufacturer of flat-roll steel, for $842 million in stock. Under the tax-free deal, AK
AKS, -1.88%
will exchange 0.2836 common shares for each share of Armco. That would value Armco
AS, -3.45%
at $7.50 a share, a 33 percent premium over its closing price Thursday of 5 5/8. Armco jumped almost 16 percent, up 7/8 of a point to 6 1/2, while AK Steel fell 1 3/16, or 5 percent, to 22 3/8. The acquisition price could rise to as much as $8 a share if AK's shares decline in the 10 days prior to closing.

LONDON (CBS.MW) --It used to be, America Online's division in Europe didn't have a care in the world -- lording it over the competition in Britain. That's because there simply wasn't any. Things have changed at a dizzying pace the past few months. AOL Europe -- part of AOL Inc.
aol
-- is starting to hurt as heavy weights like British Sky Broadcasting
BSY, +13.04%
wise up to a market ripe for the picking and offer free access to the Net. AOL, now on the defensive, has already unveiled reduced subscription rates that take effect June 1 -- the same day BSkyB's free ISP is launched. Yet doubts are emerging about whether AOL's move to reduce its U.K. subscription charges by about 45 percent to $16.29 (9.99 pounds) a month will be enough to turn the screws on its competitors.

LONDON (CBS MW) -- Cable & Wireless PLC is putting up one of its coveted investments -- One 2 One -- as collateral for a 3.8 billion loan ($6.2 billion) it's borrowing from a group of banks. Britain's second biggest phone company said it's selling its stake to a newly established financing company, and is arranging the loan to fund the purchase. C&W
CWP, +0.00%
said it will have a call option giving it the right to reacquire its interest in One 2 One. C&W said it's considering a number of options for its stake, which it owns jointly with MediaOne -- a U.K. wireless telecommunications operator. Those options include a possible initial public offering or strategic sale of all or part of the One 2 One stake.

Nearly everyone who's online has an embarrassing tale about inadvertently sending a private (or, gasp, intimate) e-mail to a broad group of readers or, at least, hot-headedly firing off a nasty missive that would've never survived the scrutiny we apply to ink-on-paper writing. Which is not to say that Slate chief Michael Kinsley is necessarily feeling guilty about raking rival online publication Salon.com over the coals recently in Slate's "Read Me" space. But according to a Washington Post story carried Friday by Hoover's Online, perhaps Kinsley should. If his publication weren't being underwritten by Bill Gates & Co.
MSFT, +1.25%
and instead, like Salon, hoped to go public to raise funds, its own shortcomings would be under the microscope. As the Post reports, "Microsoft doesn't deny that Slate is losing big money." Still, the two sites, courting the same audience and facing the same woes, are, in the Post's words, "soul mates." What's more, Slate and the Microsoft Network are the biggest advertisers on Salon.com.

WASHINGTON (CBS.MW) --Now that the Fed has put us on notice that a rate hike may be coming if inflation erupts, investors will be forced to pore through the economic data, looking for signs of rising inflation or slowing growth. In the coming week, the reports should show signs of a slight slowdown in economic activity. There is no fresh news due on inflation. "The economy is slowing, not dramatically, not rapidly, but it is slowing," said Cynthia Latta, economist at DRI/McGraw Hill. "We won't be able to duplicate the growth of the past two quarters."

SAN FRANCISCO (CBS.MW) -- Dodge & Cox, a conservatively run mutual fund company, is benefiting from its value-oriented holdings of America's largest companies -- after a rough 1998. The company's Dodge and Cox Stock Fund
DODGX, +0.84%
run by a team of managers in San Francisco, has gained more than 19 percent year-to-date, slightly besting the Dow Jones Industrial Average
DJIA, +0.45%
and trashing the Standard & Poor's 500 Index's
"
gain of 9 percent since Dec. 31. In other words, by sticking with large companies, the almost $5 billion fund is beating the broad S&P 500 benchmark. Oh, and it's also ahead of the Nasdaq Composite's
$compq
16 percent gain thus far this year.

NEW YORK (CBS.MW) -- Nothing fires up the in-box here like another article about customer problems at the online brokerages. Folks can't get to their accounts. Or they have billing issues, or execution delays. The e-mails run the gamut. We've also got a steady crew of correspondents who think we're unfairly harassing the Web brokers, giving traditional Wall Street firms more space than they deserve. Most of the e-brokers, like Charles Schwab
SC.H, +0.00%
Ameritrade
AMTD, +1.23%
and E-Trade
EGRP, -0.35%
to name the most prominent, have been upgrading their systems to address the soaring trading volumes, but complaints about the industry continue. CBS.MarketWatch.com talked with Nancy Smith, director of the investor-education office at the Securities and Exchange Commission, about what kind of complaints her office has been seeing.

NEW YORK (CBS.MW) -- Don?t look now, but two new tools have just been added to the Federal Reserve?s monetary policy kit. And they provide the central bank more flexibility than ever before because they are not as blunt as its existing tools. The most recent addition is, of course, the fact that the Fed now announces immediately its bias, or inclination regarding the future course of interest rates.

We have certainly been blessed as a country to have men like Alan Greenspan, Robert Rubin and Larry Summers running our economic and financial affairs. One cannot say the same about those formulating and implementing our foreign policy. If Rubin ranks as the best treasury secretary of this century, Madeleine Albright could very well go down in the history books as the worst secretary of state. Even her mentor at Georgetown, the dean of the School of Foreign Service, Peter Krogh, has said, "I cannot recall a time when our foreign policy was in less competent hands."

NEW YORK (CBS.MW) -- After hitting new highs in the past month, auto stocks have been skidding as investors worry inflation may slow sales and a prominent analyst warned of a slowdown. Shares of GM hit a 52-week high of 94 7/8 on May 3. Ford hit its 52-week high of 67 /7/8 on April 18. On Monday, however, Ford and GM shares fell sharply after Morgan Stanley Dean Witter analyst Steve Girsky said there's a growing chance the auto market may cool off. He downgraded both GM and Ford to "neutral" from "outperform." But the reaction has been overblown according to Warburg Dillon Read analyst Saul Rubin, who hasn't changed his "buy" rating on General Motors
GM, +0.11%
or Ford
F, +0.42%

Gee Dell. That's just not good enough. At least that seemed to be what was troubling Dell Computer [s:dell] stock after its latest sales report showed a 41 percent gain in sales. Trouble is it was the second straight quarter of slowing sales growth. Investors had gotten used to 50 percent plus sales increases every quarter. Dell was Wednesday's most active stock and got a 10 percent haircut. At SiliconInvestor's Dell message board, some posters are concerned about their company's young Captain, hinting that maybe Michael Dell's youthful inexperience is starting to hamper the perception of the company. ForeverDell ...

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